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White Gate, Columbia: Rising Home Values Amidst Ownership Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
White Gate, a neighborhood in Columbia, Missouri, has experienced significant changes in its residential landscape over the past decade. This area has seen notable shifts in homeownership rates and property values, reflecting broader economic trends and local market conditions.
The homeownership rate in White Gate has shown a remarkable turnaround in recent years. Starting from a low of 27% in 2018, the percentage of owner-occupied homes steadily increased, reaching 50% by 2022. This substantial rise in homeownership coincided with a significant increase in average home prices. In 2018, the average home price in White Gate was $109,119. By 2022, it had risen to $156,380, representing a 43.3% increase over four years. This trend suggests a growing interest in homeownership within the neighborhood, possibly driven by factors such as improved local amenities or changing demographics.
The relationship between federal interest rates and homeownership rates in White Gate presents an interesting dynamic. As interest rates remained low between 2013 and 2016, hovering around 0.1%, homeownership in the neighborhood actually declined from 43% to 32%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership in White Gate increased significantly, contrary to the typical expectation. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends during this period.
Renter percentages in White Gate have followed an inverse trend to homeownership rates. The neighborhood saw a peak in renter-occupied units at 73% in 2018, corresponding with the lowest homeownership rate. Average rent prices have shown a general upward trend, increasing from $739 in 2013 to $859 in 2022, a 16.2% rise over nine years. Interestingly, the highest average rent of $862 was recorded in 2020, coinciding with a significant population increase to 4,828 residents, suggesting a potential correlation between population growth and rental demand.
In 2023 and 2024, White Gate continued to see growth in average home prices. The average home price reached $169,369 in 2023 and further increased to $178,180 in 2024, representing a 5.2% year-over-year growth. This upward trend occurred despite the Federal Reserve raising interest rates to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the neighborhood.
Looking ahead, based on the trends observed, we can project continued growth in both average home prices and rent in White Gate over the next five years. Average home prices could potentially reach around $210,000 by 2029, assuming a similar growth rate. Average rent prices may increase to approximately $950 per month. However, these projections are subject to various factors including local economic conditions, housing supply, and broader market trends.
In summary, White Gate has demonstrated a significant shift towards homeownership in recent years, accompanied by substantial increases in property values. The neighborhood has shown resilience in its housing market, with rising home prices even in the face of increasing interest rates. The rental market, while experiencing more modest growth, remains a significant component of the local housing landscape. These trends paint a picture of a neighborhood in transition, with growing appeal for both homeowners and renters alike.
